Looking for actionable answers to the question most aspiring entrepreneurs ask: “I want to start a business, what do I do?” The following article will help you launch that exciting brand you’ve been dreaming about. Before launching a company, know that sustainability requires a solid basis.
Forbes says about 80% of small firms fail within three years. That climbs to 95% for online entrepreneurs. To save your company despite the odds, you must do everything. Starting with a solid foundation for business growth is good.
Follow these 6 tips to answer the common “I want to start a business”:
1. Choose an Effective Company Name
Your startup business will likely need funding. Banks and lenders prefer certain types of businesses, so your company name is important.
Ari Page, CEO of Fund and Grow, told Entrepreneur that some businesses are less attractive to lenders. Page said most lenders will finance a marketing or management company before a real estate company because real estate is riskier.
You can still work in real estate. Many successful real estate companies exist. The point is that you shouldn’t use a “overly specific” real estate name (if that’s your industry) when you’re starting out, when obstacles are inevitable.
Research how banks and lenders treat your niche in your industry.
2. Look for a Good Company Location
If you work from home, create a productive office. Avoid distractions like talking to friends and family, phone calls, TV, and napping when working remotely.
If you start your company registration in Cyprus with bad work habits, they may carry over to its operations. From the start, focusing on work without distractions will help you develop a strong work ethic.
Commuting and overhead costs of renting office space can be eliminated with a virtual business office.
If you’re renting office space, look for expansion potential. Your goal should be to grow your business, and as you do, you may need more space for inventory or employees.
3. Create a Team
If you want to build a business rather than just make money, form an operating entity. Forming a limited liability company registration in Czech Republic with help from relevant organizations is one option among many. With a solid foundation, you can avoid dormancy.
4. Simply define your business functions
When you start your business, you may be the only person handling sales and marketing, but you still need to outline and organize its functions.
Keep things separate to focus on each task when needed. Organize your office into “mini departments” and use an efficient filing system and database.
Without well-defined business functions, it will be hard to pass on responsibilities to future employees and build an effective career.
5. Create a Solid Business Strategy
YFS Magazine found that “A solid business plan actually doubles your chance of success.” To attract banks and investors, you need a solid business plan and strategy.
Mission statement, business description, executive summary, products and services, market and financial analysis, and projected targets should be included in your business plan.
Business plans and strategies guide company growth. Unless you know how to get there, you’ll never get there.
6. Save Money
It’s wise to save a lot for emergencies. Consider a small business savings account.
Small businesses get commercial bank loans for many reasons. Alternative loans from friends and family may be “safer”. Accounts receivable or inventory can secure loans. However, borrowing money is costly and risky for a company. Remember that you must calculate your financial needs for starting your business and build a solid foundation. You will want to stay “in the green” as much as possible to start your business with a healthy bank balance.
Remember…
You must ensure your company can outlive competitors in a competitive market. Building from the bottom up can help your company withstand growth’s challenges.
To put one’s entrepreneurial dreams into action, the statement “I want to start a business” is a good place to begin. For inspiration and expert advice, call Fintech Harbor Consulting today.
